Photographic equipment maker, Eastman Kodak Co (NYSE: EK), is preparing to seek bankruptcy protection in the coming weeks, as per a report by RTT News. It is still in the process of making last-minute efforts to avoid Chapter 11 by trying to sell off some of its patent portfolios.

The company is also negotiating with banks for $1 billion in financing in order to survive the process of bankruptcy filing. The banks include JPMorgan Chase & Co (JPM), Citigroup (C) and Wells Fargo & Co. The 131-year-old company could be on the verge of filing, either during this month or in early February. Moreover, during bankruptcy protection, it will continue to pay its bills and function normally. Its main objective at that time would be to sell some of its 1,100 patents through a court-supervised auction.

Kodak was a pioneer in photography, dominating the industry and producing thousands of breakthroughs in imaging and other technologies. It also invented the digital camera in 1975, though it failed to capitalize on its invention. Kodak also dabbled with chemicals, medical-testing devices and bathroom cleaners, while it was looking for suitable alternatives to its core business. It has also focused on consumer and commercial printers in the recent past.